JCI Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
JCI Payout Ratio by year
Yearly range of JCI’s payout ratio from 2016 to 2026. Over the full period it ranged from 30.2% to 211.3%, averaging 74.9%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 49.1% | 59.0% | 68.9% | 49.1% |
| 2025 | 33.5% | 60.3% | 99.1% | 75.1% |
| 2024 | 47.9% | 64.0% | 79.8% | 47.9% |
| 2023 | 55.9% | 67.2% | 88.6% | 55.9% |
| 2022 | 67.7% | 103.1% | 133.7% | 133.7% |
| 2021 | 30.2% | 35.4% | 43.4% | 43.4% |
| 2020 | 38.2% | 90.6% | 209.4% | 38.2% |
| 2019 | 50.7% | 98.9% | 165.0% | 111.0% |
| 2018 | 39.5% | 47.6% | 63.1% | 48.2% |
| 2017 | 98.5% | 98.5% | 98.5% | 98.5% |
| 2016 | 211.3% | 211.3% | 211.3% | 211.3% |
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What fraction of free cash flow is paid out as dividends. More reliable than the earnings-based payout ratio because cash is harder to manipulate through accounting choices. Low ratio = room to grow the dividend and absorb an earnings dip. High ratio = dividend is consuming most of the cash generated.
TTM Dividends Per Share / (TTM FCF ÷ Shares) × 100%A steadily rising FCF payout ratio warrants scrutiny only if FCF itself is flat or falling — that means the company is paying out a larger slice of shrinking cash. A high but stable ratio in a capital-light business (e.g. consumer staples) can be perfectly sustainable.
- FCF can be lumpy: large one-off capex or working-capital swings distort a single year. Look at the multi-year trend rather than any single data point.
- Utilities and REITs naturally sustain 60–90% FCF payout ratios; industrials and tech companies typically run 20–50%. Always compare to sector context.
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